Otellini Elected CEO at Intel

Paul Otellini, the president and chief operating officer at Intel who led the introduction of the Pentium processor in 1993, was elected by Intel's board of directors as the next CEO, the chip giant announced Thursday.

CEO Craig R. Barrett will replace Andy Grove as chairman of the board. The changes go into effect at the next annual stockholders meeting on May 18, 2005.

"Craig and Paul are the right team at the right time for Intel," Grove, 68, said in a statement. Grove will step down from the board and serve as a senior advisor to the board and senior management.

Otellini, 54, has been president and COO since January 2002 and was elected to the board of directors that year. His positions within Intel since he joined in 1974 have included general manager of the company's chipset business, assistant to then-president Grove, general manager of Intel's microprocessor business, executive vice president of sales and marketing and executive vice president and general manager of the Intel Architecture Group.

Barrett, 65, joined Intel in 1974, was elected to the board of directors in 1992 and has served as CEO since 1998.